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During 2015 a company sells 20 units of inventory

During 2015, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2015:

 

 

Date

 

Transaction

 

Number

of Units

 

Unit

Cost

 

Total

Cost

 

 

Jan. 1

 

Beginning inventory

 

15

 

$60

 

$   900

 

 

Sep. 8

 

Purchase

 

10

 

  62

 

620

 

 

 

 

 

 

25

 

 

 

$1,520

 


Calculate ending inventory and cost of goods sold for 2015 assuming the company uses FIFO with a periodic inventory system.

 

 

140. During 2015, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2015:

 

 

Date

 

Transaction

 

Number

of Units

 

Unit

Cost

 

Total

Cost

 

 

Jan. 1

 

Beginning inventory

 

15

 

$60

 

$   900

 

 

Sep. 8

 

Purchase

 

10

 

  62

 

620

 

 

 

 

 

 

25

 

 

 

$1,520

 

 

Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO with a periodic inventory system.

Jan 27 2020 View more View Less

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